Ron Rutland is the sole proprietor of Prestigious Pups, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pups' sales totaled $991,000 during the most recent year. During the year, the company spent $52,000 on expenses relating to website maintenance, $30,600 on marketing, and $27,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pups also spent $641,000 on inventory purchases and an additional $20,800 on freight-in charges. The company started the year with $16,250 of inventory on hand and ended the year with $17,800 of inventory. Prepare Prestigious Pups' income statement for the most recent year. Less: Cost of goods sold Gross profit Less: Operating expenses Website expenses Marketing expenses Freight-out expenses Operating income